Niche

Studley: Navigating the Adult Industry Accounting Niche | Big 4 Transparency

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“You can write off lingerie?” Learn how one accountant built a judgment-free firm for the adult industry. 

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Big 4 Transparency
By Dominic Piscopo, CPA
For CPA Trendlines

When Katherine Studley posted a short TikTok in 2021 with the line “Boobs aren’t a write-off,” she wasn’t trying to build a firm – she was trying to prove a point. Now, the founder of The Only Consultant and Prisma Tax is one of the most in-demand accountants for adult industry professionals across North America, having helped thousands of creators, dancers, and sex workers file taxes, get compliant, and navigate financial systems that too often shut them out. 

MORE Dominic Piscopo | MORE Private Equity | MORE Pay & Compensation

In this episode of Big 4 Transparency, host Dominic Piscopo speaks with Studley about how she carved out one of the most unusual and underserved niches in accounting and scaled it to a fully remote, growing firm with a waitlist and a social following that fuels constant inbound interest. Studley’s journey started after leaving the CPA firm grind, working in coffee shops, and being recruited into a government intelligence role. But it was a viral conversation during the pandemic that unlocked a huge market: OnlyFans creators and exotic dancers who were suddenly earning six figures with no idea how to file taxes or whom to trust to help them. 

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Clients Demand Niche Know-How, and They’re Willing to Pay for It

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Expertise is the new table stakes.
Brands matter: Clients rely on business or personal referrals to find their accountants.

By Rick Telberg
CPA Trendlines Research

U.S. business clients are willing to pay up to 25 percent more for specialized accounting services — and many are making niche expertise a non-negotiable.

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A TaxDome-commissioned survey of 353 small- and mid-sized business executives and owners across industries finds that as companies grow, they leave generalists behind in favor of firms that understand their vertical, speak their language and solve the high-stakes problems that come with scale.

Once they go niche, they rarely return.

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Terrell Turner: Think Like an Entrepreneur | Accounting Influencers

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The profession’s future belongs to those who step out of the back room and into the boardroom.

Sponsored by “Holistic Guide to Wealth Management” by Rory Henry, CFP, BFA  – See Today’s Special Offer

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Accounting Influencers
with Rob Brown

Terrell Turner, CPA, co-founder of TLTurner Group, says the accounting profession is at a tipping point.

In this episode of Accounting Influencers, Turner calls on accountants, bookkeepers, and CFOs to evolve from number-crunchers to strategic decision-makers. “We can no longer sit in the back room,” he says. “We’ve got to come to the front line and get involved in every aspect of the business.”

With a career that spans public accounting, Fortune 500 finance, and entrepreneurial success, Turner brings credibility and urgency to his message. Named a 40 Under 40 Black CPA and recognized by the New York Times, Turner is known for helping law firms transform their finances—but his real passion is transforming how accounting professionals see themselves.

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Don’t Take on Audits in an Industry You Don’t Understand

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Don’t try to wear too many hats. Pick your specialty area and become a guru.

By Alan Anderson, CPA
Transforming Audit for the Future

Industry expertise is essential for businessmindedness. For me, the primary ingredient for building a successful audit practice is to avoid taking on work that you don’t understand. Too many firms say they can audit any balance sheet, but that’s when they can get into trouble. Many firms get sued because they made a bad business decision. They thought they could take on this unique industry and get it right. If you dabble in any industry, you will put your firm and yourself at tremendous risk.

MORE: Four Questions to Make Your Firm More Successful as a Business | Move to Advisory and Assurance with Relevance | How ‘Business Expert CPAs’ Get Their Own Business Wrong | Say Adios to Audit Fee Pressure | Eight Items to Cover in the Audit Exit to Deepen Client Relationships and Prove Value | Know Your Three Audit W’s | Planning Lays the Foundation of Audit Relevance | How Do We Drive Relevance in Audit? | Before the Audit: More Than Just Planning | Are You Correctly Identifying the Relevance Intersection? | Lack of Relevance Drives Audit Commoditization
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When the U.S. Department of Labor looked at the quality of employee benefit plan (EBP) audits, they found plenty of problems. That 2014 study found “a clear link between the number of employee benefit plan audits performed by a CPA and the quality of the audit work performed.” Almost half of the firms the DOL looked at performed only one or two EBP audits per year, and 75 percent of those had deficiencies. Over half of those (56%) had five or more deficiencies.

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Jackie Meyer: Be a Problem Solver, Not a Number Cruncher

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Jackie Meyer: Redefine your boundaries and stop conforming to inappropriate behaviors.

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The Disruptors
With Liz Farr for CPA Trendlines

Jackie Meyer is a fan of value pricing and niching your practice. Her favorite area is tax planning, which doesn’t require a huge investment of time to provide huge financial benefits for clients.

Her own firm tripled revenues by focusing on tax planning.

MORE: Randy Crabtree: Follow These Three Rules to Keep Employees Happy | Erik Solbakken: Yes, You Can Work Less and Make More | Donny Shimamoto: Future Firm Growth Requires a Mindshift | Jennifer Wilson: Empower Young Workers to Build the Firm Everyone Loves | Mike Whitmire: Re-Think Your Hiring and Training Practices | Hector Garcia: Success Strategies of a Quickbooks YouTube Superstar | Blake Oliver: Why Tax Work Yearns To Be Free| Private Equity Explodes in U.K. | Brannon Poe: The Status Quo Must Go  | Accounting Nerds, Unlock Your Super Powers  | Disruptor: Jason Statts Shakes Up the Status Quo | Think Small to Think Big with Matt Wilkinson | When Financial Statements Go Extinct with Corey Schmidt | Can Geraldine Carter Save Accountants from Themselves? | Re-Inventing Accounting with Tyler Anderson

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Firms that focus on low-volume, highly-niched areas solve several problems at once.

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